Bitcoin Markets Push the Cryptocurrency’s Value to $12,000

Dec 6, 2017

The price of bitcoin has pushed above the $12,000 zone on December 5, 2017, at approximately 9:30 pm EDT, reaching yet another all-time high this year. The decentralized currency has seen an increase in value well over 900 percent in 2017 and hasn’t slowed down yet.

Bitcoin Reaches $12,000 Per BTC With a $200Bn Market Capitalization

Over the past few days, global bitcoin trade volume has been exponential as every 24-hours roughly $5-9Bn worth of BTC is being traded daily. Two days ago the cryptocurrency came close to reaching the $12K region as it touched an average of $11,800 across global exchanges. Today, bulls pushed the value even higher, surpassing another round number and into a new price territory. At the moment the top five exchanges trading the most BTC include Bitfinex, Bithumb, Hitbtc, GDAX, and Binance. At $12K per token bitcoin’s market capitalization is now a whopping $200Bn.

Technical Indicators

Bitcoin charts show bullish sentiment today, but there’s heavy resistance above the new price vantage point. Order books indicate there will be thick sell-orders going forward towards the $12,500 range. The Simple Moving Average (SMA) trend lines, both the short (100) and the long-term (200), have a very wide spread. For now, this indicates buyers will likely try to keep the price going higher or consolidate within the current region. Look for massive resistance between $12,250-12,500 beyond that is clearer skies. If bearish sentiment manages to set in, order books show some foundations between the $11,250-11,400 territories. The Relative Strength Index (RSI) is meandering sideways indicating traders are consolidating. However, the Stochastic oscillator is heading southbound indicating overbought conditions.

Many speculators believe market optimism is being bolstered by the many bitcoin-based futures markets coming soon. For instance, Cboe will begin trading its bitcoin derivatives this weekend, and the following week CME Group will offer its bitcoin futures. In addition to the two largest FX exchanges in the world playing with bitcoin, other financial institutions are on the way as well. Both Nasdaq, and JP Morgan have revealed they will offer bitcoin derivatives, and the Tokyo Financial Exchange plans on providing Japan with BTC futures products as well. Moreover, the firms TD Ameritrade and Ally Invest may also offer bitcoin futures products to clients in the nearer term. People believe these events will create further demand for bitcoin, with mainstream investors pushing the price to higher levels.

Cryptocurrency enthusiasts are obviously pleased with bitcoin’s phenomenal performance, and as usual most of the other alternative digital assets are getting a lift from bitcoin’s rise. As mentioned above, lots of bitcoiners think the ‘Wall Street entry’ into bitcoin may push the price to even higher levels, closing out the last month of the year with a bang. However, some speculators believe futures markets may have an adverse effect on the price within daily spot markets. For now, bitcoin proponents are celebrating the $12K milestone as no one really knows what to expect going forward.

Where do you see the price of bitcoin heading from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”